File photo of Nirav Modi. Photograph:( Facebook )
A special Prevention of Money Laundering (PMLA) Court in Mumbai has issued a non-bailable warrant against Nirav Modi and Mehul Choksi in relation to Punjab National Bank fraud case on Saturday.
Modi, his uncle Mehul Choksi and others are being investigated by multiple probe agencies following a complaint by the Punjab National Bank (PNB) which alleged fraud to the tune of over Rs 12,000 crore, with the purported involvement of a few employees of the bank.
They allegedly acquired fraudulent letters of undertaking (LoUs) from its Brady House branch in Fort area for overseas credit from other lenders.
The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have registered two FIRs each in this case.
Meanwhile, on Saturday CBI produced six accused in the case before special CBI court seeking police custody for Gokulnath Shetty and judicial custody for the other five accused.
In February CBI had arrested Gokulnath Shetty former deputy manager of PNB with Manoj Kharat, single window operator at PNB and Hemant Bhat, authorised signatory of the Nirav Modi Group of Firms in February.